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Hundreds of leaders from around the world gathered for The Blockchain 3.0 Conference in Seoul, South Korea to explore a wide range of blockchain issues and examine the areas they believe can best benefit from blockchain technology. The conference was hosted by the Korean Blockchain Industry Promotion Association (KBIPA) at The Plaza Hotel in Seoul.
Hyung Ju Kim, head of the KBIPA, futurist Jerome Glenn, co-founder and CEO of the Millennium Project, legislator Byeong Kwan Kim and Ha Jin Jeon, chairman of the Korean Blockchain Industry Association Self Regulatory Committee, all noted early on in the conference that blockchain exists in the wider social context and hold great promise for shaping the future.
Chang Ki Park, chairman of Blockchain Industry Promotion Association (KBIPA), said cryptocurrency will compete against the U.S. dollar in 10 years. He emphasized the need for the third generation cryptocurrency and the blockchain 3.0 platform – because the technology will bring more social and economic change than the Internet did in the 1990s.
Third Generation Technology Coming
The first and second generation cryptocurrencies – bitcoin and Ethereum – have limitations such as transaction capacity limits and energy consumption of the proof of work algorithm, Park said. A high speed consensus algorithm is needed, while the blockchain structure must be refined so it becomes easy to create decentralized apps. He noted the competition that currently exists among third-generation cryptocurrencies such as Cardano and EOS.
Chris Howard, CEO and founder of Softeq, said blockchain presents unique security challenges. Many blockchains have too much reliance on open source nature and community testing but not enough security guidance or formal investigations. Howard emphasized the need for quality assurance and hardening methodologies through software development.
Takeshi Natsuno, a professor at Keio University and senior vice president of NTT DoCoMo, said he expects there will soon be two groups of organizations: the disruptors and the disrupted. He noted that blockchains are already substituting for national regulations in the wine industry.
Italy, for example, had not historically had strict controls on wine production, causing a smaller market for fine Italian wines. By being able to record production and shipping data on blockchains, wine customers can now better trust the quality of Italian wines, leading to improved consumption and higher prices.
Knowledge Sharing And Information Forecasting
Other speakers cited blockchain’s use as a knowledge sharing tool, as well as its use for market forecasting.
Ji Heon Lee demonstrated Delicracy, a decision making service with a prediction market system, operated by Color, a third generation blockchain platform focused on developing dApps. The Delicracy app enables more granular investment options on possible future outcomes similar to futures contracts in traditional markets.
One fact often overlooked is that blockchains exist in communities and developed for the purpose of serving people.
Sankalp Shangari, CEO of Lala World, noted that while it is easy to dream largely about new technology, hundreds of millions of individuals are not included in these developments. Shangari said it is important to consider ways to connect more people with the technological ecosystem.
Raja Sharif, CEO of Farma Trust, also touched on inclusivity, noting that blockchain technology can ensure legitimate pharmaceuticals are sent to customers. Farma Trust’s blockchain data was designed to improve market efficiency, lessen regulatory burden and apprehend drug counterfeiters.
Chuanfeng Lee, CEO of Big Brain, described how his company’s solution encourages people to be part of distributed computing projects by allowing them to buy and sell processing time through its blockchain.
Complex deep learning processing and artificial intelligence such as those used by DeepMind’s Alphago consumed nearly 2,000 CPUs and 300 GPUs to train and play effectively, Lee said. The computing power for such projects will become more needed for AI programmers, but access through cloud services can be costly. Lee’s company believes distributed computing can make energy acquisition less costly and more accessible.
Jonathan Ha, CEO of Redpulse, explained how his company is trying to develop an open ecosystem by inviting outside contributors – including independent analysts, academics and industry experts – to share views on markets on its platform.
A student panel addressed the power of XML technology and Auto Smart Contracts, and making blockchain technology available to average users.
Technology Bootcamp Focuses On Smart Contracts
Color hosted a technology bootcamp for people of all ages to learn how they can develop their own smart contracts.
Three groups from the bootcamps presented their projects.
One presentation was a demonstration of how a donation contract could improve the donation’s transparency, a medical records contract, and an employment application system to prevent employment irregularities.
A demonstration of the bootcamp certificate was developed by a fourth grade student in only two hours.
The bootcamp generated a lot of interest among conference participants, representing just one of the ways Color will bring more developers into the ecosystem to support the future development of blockchain projects.
The student demonstration on blockchain smart contracts showed just how viable and useful the utilization of blockchain technology can be. Numerous inquiries about the bootcamp followed the demonstrations, creating opportunities for future Color initiatives.
Color is a third generation blockchain platform focused on developing dApps. The platform runs on the “XML Engine” to enable non-technical users to easily develop smart contracts.
The Color dApp Store offers enterprise level dApps. Instead of hosting numerous unrelated services on a single platform, Color dApps will be powered by a single unifying cryptocurrency, the Color Coin (COL).
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